Ladies and gentlemen, good day and welcome to MapmyIndia Q2 and H1 FY26 earnings conference call, hosted by Anand Rathi Shares and Stock Brokers Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shobit Singhal from Anand Rathi Shares and Stock Brokers Limited. Thank you, and over to you, sir. Thank you, Iqra. Good morning, everyone. On behalf of Anand Rathi Shares and Stock Brokers Limited, we welcome you all to the Q2 FY 2026 conference call of MapmyIndia We have with us today Mr. Rakesh Verma, Co-founder and Chairman of the company, Mr. Rohan Verma, Managing Director of Mappls DT Private Limited and Gtropy Systems Private Limited, which are subsidiaries of the company, Mr. Anuj Jain, CFO, and Mr. Saurabh Somani, Company Secretary and Compliance Officer. I will now hand over the call to Mr. Rakesh Verma for his opening remarks. Post that, we will start with the Q&A session. Over to you, sir. Thank you, Shobit, and good morning to all the participants. I hope most of the participants have gotten a chance to look at the outcome of the board meeting along with the detailed presentation that we enclosed yesterday evening. This session today will be slightly different than the usual ones because the quarter also has been slightly different. Between me and Rohan, we'll try to address different parts of the business and see that all the participants get a fair view of what we have done and, at least to the extent possible, where we are heading. As we have been saying it in the past also, that Q2 in particular is a different type of quarter. Now, when something is well known to us, what we do, we try to achieve a high level of operational efficiency by utilizing the people in a manner which gives us strength for future product and technology development. This is the key that has been success, through which we have achieved success for many, many years. I'll explain it to you what it means, even ultimately what it meant in terms of numbers also. What did we do in Q2 FY 2026? Before I jump into numbers, we felt that we need to take our products and platforms for the next generation. Since it's a totally intellectual property, IP-based business that MapmyIndia is in, a lot of folks, a lot of people, a lot of time, a lot of energy, thinking, vision was deployed towards making that happen. I'll give you three, four examples straight away. The first one you might have, if you observed and if you followed what was happening to the Mappls app, the consumer app, the leading front-end app which showcases MapmyIndia's strength in technology and its platform, which no other company shows it that way in India. This Mappls app, on one side, while we crossed a total user download or user base to over 40 million due to several factors. Those factors, again, if you want to know in the Q&A, I'll explain it to you. Now, what that led to was our spending, investing a lot in the technology when that kind of momentum happens. We didn't fail during this last two months of while this was happening of the huge downloads. We worked on the technology, improved it. Now, this consumer app has a direct impact on our B2B and B2B2C business because when the enterprise or the government or the automotive customers see that there is a pull of Mappls app, they feel all the more good about the technology that we are using. As we go forward, when we talk about A&M and C&E, you will hear from us how this kind of an activity helped us garner new businesses. Now, beyond this Mappls app, we had been working hard. We were working quite hard to secure some of the very large revenue-generating business, two revenue-generating business, which in October we concluded with the actual order and contract. They were related to one of them is related to IOCL. I'm sure all of us are extremely happy or should be happy that an INR 110 crore contract over a period of five years, you can easily just take it, divide it by five, and think about the revenue generation over every year. Now, that kind of a business, which is IoT-led, I'm not saying only IoT, IoT-led, the hardware component might be out of INR 100 crores, might not be more than INR 10-15 crores. I'm giving you that number so that you don't think it's a very large hardware part of component in the whole business. Being a PSU, it's a kind of a government business. Government business, when you do like this, your money is secured also, and you don't end up into a poor collection. Along with this, a landmark entry into building the government's national geospatial platform based on MapmyIndia's own platform. That means the core platform remains MapmyIndia. It is something like Aadhaar was built. It is something like UPI was built by others. In the space of geospatial, we worked very hard in Q2, and in October, we achieved it in terms of a contract of a good size value for technical reasons with Survey of India. Since they have not disclosed the value, we are not at liberty to disclose the exact value also. Now, like this, several other initiatives have been taken in the company to take the company to the next three years, five years as part of the roadmap of where we want to invest, how much to invest, when to invest. Obviously, the impact was in terms of expenses was felt in Q2. I'm talking about on an overall basis. Now, the more details of this, I'll ask Rohan later when he starts his part to tell you about this Survey of India and the IOCL thing. Actually, along with this, we also signed, I mean, you might have heard our Honorable IT Minister Vaishnaw saying that railways will be signing an MOU with MapmyIndia. The first step of that has happened where DMRC, Delhi Metro Rail Corporation, has already signed an MOU, which is not only just the data sharing between Metro and MapmyIndia, but also gives full scope to the commercial exploitation and doing things for DMRC. These are the kinds of things that have happened in Q2. Coming to the financial part of it, yes, Q2 by itself in isolation, if looked at, may give one perspective. When we look at H1, which is the year-to-date, and in any case, always we have been saying, please look at our financials on a year-to-date basis. Number two, for the whole year and not look at quarterly performance in isolation. If you look at H1 FY 2026, revenue has grown 14.7% over FY 2025 H1. I do not think that that is a poor performance personally and as a company when we are making these other investments. We know that there is a huge bump that happens in Q4 that takes care of whatever the year's overall achievement has to happen, is quite well taken care of in Q4 by itself. In terms of EBITDA, we also for the half year secured INR 84 crore of EBITDA on a year-on-year basis. Coming to the PAT, of course, the PAT has remained stable at INR 64 crore for the half year, considering all the expenses that we have incurred and spent. Now, if I have to look at Mappls business and IoT business, Mappls business provided 47.3%, which is almost similar to the year back of the EBITDA margin. In terms of IoT, the revenue growth really rose to INR 74.5 crore from INR 54 crore, which is almost like, I do not know, 50% or something like that. Two, three years back, we said we will make investments in IoT and we will grow that business. You can see that this is what has already happened. On top of that, we will classify IOCL mostly into the IoT-led business. With this much of talk, I will take a pause, and then I'll come back again to talk about more details on the A&M particularly. I will let Rohan talk a little bit about these lines about how we are gearing up ourselves for the future. Thank you, Mr. Verma. This is Rohan here. As Mr. Verma mentioned about Survey of India and IOCL, Indian Oil, I'd just like to share a little bit about that because both kind of are landmark or big initiatives which kind of give a trend towards what the future holds for the country, but also what the future holds for MapmyIndia. In terms of Survey of India, I guess this is the first time that the country is now engaging in building an entire national geospatial platform. This is a follow-up on the liberalization of the geospatial sector in 2021 when the Honorable Prime Minister said this is a kind of a Class A industry with a lot of geostrategic importance. Now, the Survey of India has been in the business of collecting lots of different data that is useful for various ministries in the government. With the fact that MapmyIndia has an entire next-generation modern comprehensive technology platform which can enable the cataloging of such data, the shared role-based access to such data, basically making the democratization of such data that Survey of India collects to be used and usable by various other government organizations. Creating access to such information will basically help all other government departments benefit from that. You can think of orthorectified imagery that is happening from drone data collection, digital elevation models from the topographic or foundational surveys, administrative boundaries, the geodetic reference frames, etc. The investments MapmyIndia has been making in building its MGIS platform for geospatial systems over the last many years, we're able to bring that to the fore to enable Survey of India today to, at a mass scale, make that available in a G to G basis, government-to-government basis. What's interesting is that goes along with the country wanting to make more and more data available that the government has been collecting for the benefit of other stakeholders. We see a large opportunity for MapmyIndia to provide a similar platform at different scale to different government organizations and then, of course, to other large data kind of repository providers in the public and private sector. That's one. The second is around IOCL, which Mr. Verma talked about. This is the next generation of logistics, fleet, and transport management and safety. IOCL, being a Maharatna company, is looking at a centralized vehicle tracking and management system for its entire fleet of LPG truck vehicles on a pan-India basis for about 23,000 LPG trucks across 150 supply locations. Using MapmyIndia's IoT stack of hardware, of software, of services, and ability to create kind of an integrated command and control center, we're able to create geofencing, virtual perimeters. We're able to do journey risk management and also on a real-time basis alert drivers to any road safety issues as well as give clarity to IOCL stakeholders on location and movement and even emergency response, as well as finally, ultimately, data analytics. This basically, from an ROI point of view, drives cost optimization, driver safety, asset security, operational efficiencies, and more for IOCL. This is a scale solution for IoT. This is easily replicable across many, many large fleets in the public and private sector. There are also further upselling opportunities of MapmyIndia that's available on that. I'll refer a little bit to one of the things that we talked about in the investor presentation, which is a one-off technical services outsourcing expenses that have risen in this quarter, and that has had an impact on the EBITDA and PAT. It's to the tune of about INR 10-15 crore in that range. I don't want to be specific, but it's in that range. Now we want to explain why, amongst the other things that Mr. Verma said, this was one of the things we wanted to invest in. This is also to do with the initiative of the government and requirement of the country at a national and large scale. It's to do with road safety and what is called the golden hour management. When an accident happens on the road, if an ambulance can come take that victim to a hospital emergency within what they say an hour, the chance of saving lives increases dramatically. Now, to do this requires an extreme amount of planning, coordination, and real-time orchestration of all the ambulances, all the highway patrol vehicles, all the kind of control and command centers across the roads or highways, and of course, kind of workflow management or access coordination at hospitals. This is an area of road safety, and then there will be an area of traffic management also. In this area of road safety, which is the initiative of MOH and MOHFW, the Ministry of Health, we have been working on a large project which requires a lot of domain expertise besides our technology platforms and products, which covers IoT, maps, digital transformation suite, etc. For that, we have been making investments, some of which is a large part of which is reflecting in that one-off technical service outsourcing expense. Suffice to say, over the next three, five, seven years, we see a potential few hundred crore opportunity just from this vertical of IoT and government because it can be replicated at center, state, and even city level. Of course, alike to road safety, will be the whole traffic management, congestion management thing or aspect. One of which you saw in the Mappls app with the live traffic signal timer showing up, it's an example of V2X, vehicle-to-anything, smart city infrastructure married to smart vehicle technology, which also MapmyIndia provides, married to smart maps, which go in apps and APIs, which also MapmyIndia provides. These investments are driven towards commercially large opportunities in the government and IoT space, but also these technologies are replicable in the private sector to automotive and corporate, which is why we are making that. Okay. If you look at the financials of a P&L and a balance sheet, since it's a half-yearly one, we can explain the balance sheet also. Most of the revenue-related things we already just talked about. I'll get back to again a little later on this A&M kind of a thing. On the margin side, Rohan explained why the margin or the EBITDA from a year back of 37.5%, which has fallen to 28.1%, sorry, from 36.1% to 24.7%, and for the half year, it has fallen from 39% to 35%. One of the other factors is also our investment in international business. Now, while the other investments we talked about, I didn't touch upon much on the international, which is our joint venture with Hyundai AutoEver in Jakarta. Now, that investment and that company, of course, will take a couple of years. I think a year has passed. A year has passed, and a couple more years it will take, or maybe a year it will take to bring it to the first breakeven. Good news is we have gotten entry into the revenue part already. It's not that it's a zero revenue scenario. Keeping all that in mind, I'm just trying to say that that also, if you see the line item in the P&L of the contribution of loss coming from the joint venture. If you look at the balance sheet overall, then you can easily find that the cash and cash equivalent, when we look at a year back, it was INR 565 crore. Today, we are sitting at INR 639 crore in spite of the fact that we have made some organic investment in terms of buying of the original founders of Gtropy Systems Private Limited. And also, basically, that's what has happened. Return on capital employed, excluding cash, is also a healthy 78%. When you see the trade receivables, inventory, and trade payables, all those numbers are in line with the business which we are doing, keeping in mind that there is a difference between receivable, which is the moment we do the billing, versus actually the amount due. Amount due in case of government, we typically take it as average of we take it as 90-120 days, and beyond that is what we call it as overdue. In the private sector, we take it as 30-60 days, and amounts beyond that is what we call it as overdue. Coming back to understanding of A&M and C&E, let me talk about the A&M particularly. There has been a very nice new OEM wins in the leading EV OEM in the new vehicle program for neighboring countries, that is, for Southeast Asia also. From the existing OEM customers, major automotive OEMs went live in India that included Maruti Suzuki and TVS Motor [Company]. New auto OE product innovations to provide a more intuitive navigation solution for mass market two-wheelers and also high-definition maps readiness to support L2++ vehicles in the future. These are some of the ones I wanted to speak related to automotive. In terms of corporate, what you say, C&E, consumer tech and enterprise, the corporate part, what's happening is one of the largest quick delivery companies. They have started using MapmyIndia's on a multi-year contract, MapmyIndia's APIs across internal and external use cases. Also, we are seeing some of the rider platforms also using MapmyIndia's platform. Now, here again comes what we are trying to do is see that they start using Mappls App also for the rider and for the rider and the user. It is happening slowly, and we are hopeful that as Mappls App gets better and better and people love it, the demand automatically will happen and drivers will get used to Mappls App also. Now, with this, let me hand over to Rohan again. Yeah. I'll just end with one minute more. Just to give clarity also, you might have seen trade receivables and trade payables go up. Trade receivables, because as government business ramps up, especially in Q2, that will show up as receivables in the half-year balance sheet. These are all payments that we can collect in the due course. We're also managing working capital in that way by tying some of the trade payables to the trade receivables. That way, we are able to manage the working capital. Of course, as I said before, the INR 10-15 crore one-off expense, if you adjust for that, the EBITDA is similar if not higher than previous quarters. With that, we would like to conclude. We took a lot of time of yours. We wanted to make sure that you know the facts so that you can make an informed decision. Thank you. Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Chandramoli Muthiah from Goldman Sachs. Please go ahead. Hi. Good morning, and thank you for taking my questions. My first question is just around, I think, some of the lumpiness that you addressed. There has been a positive lumpiness in the IoT-led business this quarter. Maybe headwind on lumpiness in the map-led business. I just want to understand if there are any one-off factors there in either IoT or map-led, which potentially reverse into the back half of the year. Just if you could address the lumpiness and factors behind that, that would be helpful. IoT-led business already grew dramatically. If you're asking on the map-led, then yes, there was some in the automotive particularly, there was some impact of GST. Corporate lumpiness, I think we have always defined that it's high in Q1, good revenue in Q1, and very good revenue in Q4. Q2, Q3 are normal business as usual. Got it. That's helpful. Second question is just around the clarity that Rohan had provided between INR 10-15 crore if you consider that sort of one-off investment for the future on potential revenue-generating business that you could get from these efforts. I just want to understand if you expect more sort of investment of this nature within this particular project or this set of projects in the future as well, or if it's restricted to this quarter. Chandra, we will keep investing, but maybe the investment amounts will keep coming down. Margins will keep getting better. This was probably the peak of the investment that we had to make. There will continue to be some, continuing to decrease. Of course, the scale will also grow because opportunity set, as I said, we see is quite large around this road safety and the traffic management. Got it. That's helpful. And just lastly, in terms of our three-year vision and target, the INR 1,000 crore revenue target by FY 2028, just want to understand if we look at it on a four-year basis for FY 2026, maybe sort of the implied growth run rate should be in the range of that 20-25% run rate. The first half has been, because of all of this lumpiness, maybe a little lower than that. So I just want to understand if we seem to be on track on an annual basis towards that plan. Both on yours, I think you've spoken about aspiration to make the 35-40% margin range and on the top-line run rates you discussed as well. Yeah. I think your thinking is right. I do not think we are changing any goal for FY 2028. Yeah, FY 2028, definitely not changing. Got it. Got it. Thank you very much and all the best. Thank you. Thank you. The next question is from the line of Krupa Desai from Electrum Capital. Please go ahead. Hello. Am I audible? Yes. My question was on you just said that we are expecting to sign an MOU with the railways. Can you tell me what is the opportunity size there? You know what happens is an MOU gives from the top, from the absolutely top level, it gives not exactly freedom, but it lays down the contour of what all can be done. I mean, if you think like that, we can, that's what happens. Now, opportunity you can think about in railways is for us to imagine, you to imagine. If you're asking me any numbers that have been written in the MOU, they do not write the numbers there. It is for us to start converting it into business. Yeah, but. That's a good DMRC is just one small set of railways. Railway is a huge organization, huge infrastructure, huge operations. I mean, extremely large from an economic size and impact. It is a huge consumer of technology. Our type of technology, which covers the three pillars of maps, IoT, and digital twin, digital transformation. Railway can, there are tens of different use cases. It can be a massive opportunity size for us, a very large vertical. That is kind of the idea that what MapmyIndia has been doing is unlocking more and more verticals and making them quite large. There is defense, there are railways. These are all pretty key industry verticals. Roads anyways, we have been doing a lot in. Now we are able to expand it significantly. For us, these railways, defense, these are all sunrise sectors. That is what gives us the bullishness for the time to come. You are seeing the contracts and the MOUs, which are kind of precursors to that. Okay. So my one question was on this technical outsourcing expenses. Do we continue to expect these expenses at this scale, or will it come down in the coming years or in the coming quarters? Relatively, they will come down, yes. Okay. In FY 2026, or we can expect it from 2027? That's correct. Huh? Yes, that's correct. With regards to this, definitely they will come down. In 2026 only, from next quarter onwards? Yeah. You were saying that these expenses would help us in other government projects. Is my understanding correct on this? That's correct. Okay. Thank you. Thank you. The next question is from the line of Shobit Singhal from Anand Rathi. Please go ahead. Thank you. My first question is, given the user base now have increased to around 4 crore in our B2C Mappls app, how are we trying to monetize it going forward? What kind of potential are we envisioning? See, the different aspects of looking at it. I just had mentioned that we are looking at Mappls App as a technology showcase. Converting it into a business or anything like that is not in our today's agenda. I will not speak anything on that. It has a direct or indirect impact on our entire business that we do. Okay. My second question is, Q2 usually tends to be a stronger quarter for A&M segment. However, this quarter, some of the deliveries, I think, got shifted to Q3 due to the GST rate curve. Now, given the record auto sales, both PV and two-wheelers, we have seen in October, has similar performance been seen in our A&M segment as well? Yeah. You're right. I mean, after 15th August announcement by the Honorable Prime Minister, the sale of automotive really slowed down. It picked up in the last week of September, but that was not enough from our perspective. Let's hope that Q3, the automotive OEM, they are doing better, no doubt about it. We are hoping that it will reflect on us also. Okay. Thank you. Thank you. The next question is from the line of Gaurav Kumar Shah from Harshad Gandhi Securities. Please go ahead. Can you hear me, sir? Yeah. Yeah. Thanks a lot for opening it, sir. Sir, can you please provide some color on the future pipeline of any municipal orders or tenders within the next six months? Any opportunity size we are aiming for? I mean, definitely won't provide anything. I mean, but suffice to say, our team is very active in a large number of opportunities in the government. As we've said before, this has become an area of focus. We pick the right types of orders, which are more product and platform aligned and to our core areas of maps, IoT, digital twin, and digital transformation. We engage at center, state, and city municipal corporation levels. Across center, across state, and across cities, as well as in key PSUs and areas like defense and railways. Okay. So no specific number as such, like no provide. We talked about a few orders that we won in the quantum zone. Given some color. Yeah. What has happened, we gave it like IOCL as an example. Reserve of India, for technical reasons, I'm unable to specify the number, but it's a good size number. Okay. Thanks a lot [audio distortion]. Thank you. Thank you. The next question is from the line of Gautam Rathi from CWC. Please go ahead. Hey, hi. Thanks. Thanks for taking my question. Actually, I have a couple of them. First one, Mr. Verma or Rohan, if you can just help me understand this. IoT revenue was slightly better. For sure, there was a strong uptick, but the uptick also came from the map-led part, right? Not the hardware. Like the INR 37.8 crore looks to be a significant uptick. Can you just share some more details there? Like what's leading to this? Because my understanding was you need devices first sold to get this recurring income, right? But suddenly we see a large income coming in there. Gautam, can you repeat the question? Sorry, I missed it. The question is basically in the IoT business, right? There is this hardware revenue, and then there is the service/map-led revenue, right? We see a significant uptick, INR 37.8 crore, the number which you have reported in the services part/the map-led, sorry, IoT-led, but map-related and service-related revenue. That is more recurring in nature, right? The understanding we had was first you have to sell devices or hardware to get this income, but suddenly we see a very large number there after a few quarters, right? Can you throw some more line there? Yeah. Correct. Now I understand. Yeah. See, that's the good part about the IoT-led business is that definitely once you sell hardware, you are able to make some SaaS annuities, and that keeps going up. It is not exclusively in IoT-led projects that we have to sell hardware. We can offer on an OPEX basis. Also, we are able to just offer a SaaS solution. There can be a mixed change towards more SaaS versus hardware sale followed by SaaS. That mix is also playing out. It is not that one or the other is better. Both have their place. We look at overall what is the total IRR to us over a period of time. The other is pretty much just cash management in terms of working capital management. We have a very strong balance sheet to support this IoT if it requires hardware upfront, or in the case of government, if it requires working capital or investments upfront. The good thing that you're seeing in the IoT-led business is that there's a large proportion of SaaS revenue. Right. That's quite good. Is it fair to assume this is like the uptick which we are seeing is more recurring in nature? Is that a fair assumption? Yeah. Because it's platform, right? Like SaaS or a platform-based service. Very interesting. The other thing, Rohan, I just wanted to understand, like a lot of government-related work which you're doing now, which I just heard over the call and the presentation, right? It looks more platform-led or say MGIS for Survey of India, right? Which is again a product or a platform. Again, would this also become recurring in nature rather than our general notion of government being a lumpy business, Q4 heavy, etc.? Are these now more recurring in nature? Gautam, these are, it's a mixture. See, in the government also, once they engage in digital transformation, they also need to continue it. Many times these extensions also happen. The nature of the beast is that they can't have an open contract. They will give it for a particular time frame, a particular solution. In many cases, if there's continuity in the government or the policies, etc., they do extend. I'll give two examples. Many years back, we signed a contract with GSTN and CBDT. The contract was over. Again, they renewed the contract. The whole game is if you get in with a platform and a product way into the government, after all, they need to keep providing service to their citizens or users. That's exactly what is our strategy. Instead of getting into a pure one-time service thing and just done it and shake hands. If it was a pure kind of survey, those things. That is what other folks are focused on while we are focused on a genuine platform that exists for many years. We are building new ones also from the government angle. Amazing. Amazing. No, this was great. If I can just squeeze one more in. On the C&E side, this time in the presentation, when I read the kind of wins or go-lives, those are more and more looks to be API-driven or your product as a platform as a service-related wins, right? At the same time, when we during our channel checks or when we talk to developer folks, we always hear this feedback that somewhere the APIs are a bit more difficult to consume or slash the developers are not so used to MapmyIndia API. Are we doing something there to kick off that developer motion more and more? If you can share anything, it will be really helpful. I think the focus from a MapmyIndia point of view has been if you segment the market of developers, there are large enterprises, then there is the mid-market, and then there is the long tail of developers, indie or startups, etc. This position, given that majority of our business, if not all of our business, has been coming from India, and the propensity to pay is, I mean, more in the enterprise, I think we have geared up towards supporting large enterprises in India who have an ability to pay rather than use the API or focus on API as marketing. We use Mappls App as marketing. We focus on customers who have the ability to pay, and we provide them full service. That's why maybe when you talk to developers who are either indie or startup or who are individuals in a large organization, the self-serve aspect of it may not be coming out of it. Not that we don't want to do that. It's just a choice that which do you focus more on? There could be a, if we see a large opportunity around large volume, small value, then we will orient ours or at least orient ourselves or additionally orient ourselves to cater to that. As of now, we are geared towards large enterprises which move the needle for our segment who are more seniors. Got it. Got it. No, that's really helpful. Thanks a lot. Thanks a lot and all the best. Thank you. The next question is from the line of Shrinarayan Mishra from Baroda BNP Paribas Asset Management Company. Please go ahead. Hi. Thank you for the opportunity. You said whatever investments that you have done to secure these government orders, can you highlight whether these costs are booked in the map-led business or IoT-led business? I just want to look at the EBITDA margins from a normalized perspective. If you can give some color on that. More in IoT-led. Okay. So how do you segregate? I mean, it's based on the potential business that you would be getting. That's how you allocate between the segments? It's based on which product leads the solution for the customer. Okay. Okay. So basically, delving more into the earlier question, earlier participant's question is that the service component of IoT-led business has risen significantly. In that sense, our EBITDA margin of IoT-led business in a normalized sense would have risen significantly, but it's because of this investment that IoT-led margins have come down by 1% year on year. Is that? Overall, EBITDA of the company would have been higher, and overall, EBITDA of IoT-led would have been higher. The operating leverage. Except for this investment that we wanted to make, have been making, and will make, in a calibrated move down also. Basically, much of the margin improvement will come in the IoT-led segment. The map-led segment margins would remain, I mean, 35% kind of range. The map-led margin is 47%. A normalized basis, how much would have been the margin in the current quarter if it was not for the investment that we made? I think we've called it out somewhere. As Swarma explained it, corporate revenue tends to be lumpy. Do not look at quarter-on-quarter margin. Look at year-to-date margins. One quarter, like last quarter, you must have seen an extremely high margin for map-led. That was much beyond 47%. It was probably 50% or 60% or something like that in that range. Okay. Got it. Okay. Thanks. Thank you. Thank you. The next question is from the line of Sujit Jain from Bajaj Allianz Life Insurance. Please go ahead. Yeah. Thank you for this opportunity. I'm joining the call a little late, so there is a repetition of questions. Please pardon. While we, on one, understand that this company should be looked at like a trailing development basis, not quarter-to-quarter, as you just explained. There are milestones in between. If we kind of miss the growth rates, then the long-period guidance that we have will not be able to meet. A, your comment on that, what are the milestones in between that we should track? Number two, what is the big-picture opportunity of India eventually deploying sovereign platforms and therefore in the area that we operate? That is a big-picture answer that one is looking forward to. Thanks. Look at full year. That is what we have always said. Mr. Swarma talked about Q1, Q4 dynamics. Look at full year. That will give you a kind of picture into where we are with regards to our FY2028 milestone. 100% India has to be Atma Nirbhar in all sorts of areas, especially in geostrategic technologies. This area of maps and IoT and digital transformation is, I mean, India has no option but to become Atman irbhar. Why just Atman irbhar? It can be the leading provider of product platforms globally. It was maybe till a, I mean, I think in the last month, two months, what became clear is from the very top of the government, they recognized that in this area of maps, IoT, and digital transformation related to these areas, there exists a deep tech products and platforms company called MapmyIndia, which is no less than the best of the West. I think we are up to the challenge, not just from the consumer app point of view as Mappls App, but being the platform or backbone for the public sector, for the defense, for the railways, for the private sector, be it automotive or the corporate world. If you look at kind of the suite of solutions we offer and the capabilities that MapmyIndia has to be able to provide end-to-end indigenous, meaning designed, engineered, and manufactured. I'm using the word manufactured loosely because we are primarily software and map and solutions. Even we are manufacturing. We are manufacturing that. Even the hardware that we choose, we can do it indigenous. I think absolutely, and the Survey of India is one indicator to you of how the government, I mean, is working with MapmyIndia to build out this national geospatial platform, which is kind of, as Mr. [Verma] said, the DPI equivalent of UPI or these others, Aadhaar. I mean, like this, there will be many others that we will do at center, state, and local level. That's the big opportunity for us, and we are working hard towards it. Thank you. Thank you. Ladies and gentlemen, due to time constraint, this is the last question for today. I now hand the conference over to the management for closing comments. I would like to thank all the participants and your effort to understand MapmyIndia's business, not just for now, but long term. I will just say that we have tried to be as transparent as possible. Please feel free to ask any questions later through email and send it through whether our [PF E&Y] or direct to Saurabh Somani and we'll be happy to respond. Thank you very much, sir. On behalf of Anand Rathi Shares and Stock Brokers Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.